Financial Advisor or Wealth Management?

grovertg

We are in a position where my partner has received a lump sum for his inheritance and we need advice as to what to do next. ie, pay off the mortgage, pay off some of the mortage, isas, investments and all of that jazz and we're not really sure if there is someone that looks at your whole position and advises or if we need one advisor for all, or each of the above? We've tried to read up on some of it, but it's a bit of a minefield, so would need someone to advise us on all the options. I did call one company today but they were all about investments and nothing to do with mortgages etc. Does what we are hoping for exist?

MeteredOut

My advice would be to put your details here if you so wish, and you'll get some thoughts on the various options open to you.

ie. amount of inheritance, mortgage details (rates, end date), any other debts/credit cards, savings, pension positions etc

Simplest approach might be: if your mortgage rate is greater than you can earn in interest or investments, pay down your mortgage, keeping aside some for an emergency fund if you don't already have that. 

If you're not making full use of your pension or ISA allowances, they might also be an option, but that depends on your overall financial situation.

But without that wider knowledge, no-one here will really be able to meaningfully help you.

If you do want professional advice, get an IFA, not a Financial Advisor or a Wealth Manager, both who are basically sales people for the companies they work for.

It sounds like, initially, you'd want to find an IFA who can give one-off advice (so you pay them a one-off fee) and not one who runs your financial affairs (and who would charge an up-front fee and an ongoing fee, both as a % of the net worth they manage for you).

Marcon

grovertg said:

We are in a position where my partner has received a lump sum for his inheritance and we need advice as to what to do next. ie, pay off the mortgage, pay off some of the mortage, isas, investments and all of that jazz and we're not really sure if there is someone that looks at your whole position and advises or if we need one advisor for all, or each of the above? We've tried to read up on some of it, but it's a bit of a minefield, so would need someone to advise us on all the options. I did call one company today but they were all about investments and nothing to do with mortgages etc. Does what we are hoping for exist?

An independent financial advisor is what you need. 

Ibrahim5

If you have too much money an IFA will always remove some for you.

Albermarle

grovertg said:

We are in a position where my partner has received a lump sum for his inheritance and we need advice as to what to do next. ie, pay off the mortgage, pay off some of the mortage, isas, investments and all of that jazz and we're not really sure if there is someone that looks at your whole position and advises or if we need one advisor for all, or each of the above? We've tried to read up on some of it, but it's a bit of a minefield, so would need someone to advise us on all the options. I did call one company today but they were all about investments and nothing to do with mortgages etc. Does what we are hoping for exist?

What can I do with my inheritance, is a very common question on this forum,
As a previous poster said if you post up some details, you should get some decent feedback.
Even if you pay for an IFA, it is good to be as well informed as possible beforehand, 

artyboy

Ibrahim5 said:

If you have too much money an IFA will always remove some for you.

Ah, there he is! There were a couple of recent threads I was expecting the usual IFA bashing to appear on but nothing so I was starting to worry. Glad to see you're still alive and well 

Bostonerimus1

Wealth managers would not be appropriate as all they want to do is produce overly complex fund portfolios and charge you for their dubious efforts and an FA would be limited in what they could offer you.

An IFA might be appropriate as can give you holistic, unbiased advice, but here's what I'd do and it will cost you almost nothing. When investing stick to large well known companies like Vanguard, Fidelity, H&L, AJ Bell etc.

Research the basics of investing and have a look at this flowchart
Put 6 months' to a year's spending in an easy access savings account.
Pay off any debts...maybe not the mortgage depending on the interest rate, but consider that too or just make some extra payments if it makes you feel more secure.
Make extra payments to you DC pension if you have one, invest in low cost index funds or a multi-asset fund.
Fund a S&S ISA, invest in low cost index funds or a multi-asset fund.
Fund a general investment account, invest in low cost index funds or a multi-asset fund.